The latest data indicates that South Africans could look forward to more fuel price cuts next week, Cape {town} Etc reports.
Also read: Why SA’s petrol prices should be less than R20 – but aren’t
A stronger rand and stable oil prices during the last week of August have reportedly improved fuel price recoveries, resulting in an over-recovery of between 84 and 91 cents per litre for petrol and between 74 cents and R1 per litre for diesel.
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For context, this represents an improvement of around 25 cents per litre.
It is expected that the Department of Petroleum and Mineral Resources will announce the official fuel price changes before they come into effect on 4 September.
These are the expected changes:
- Petrol 93: decrease of 84 cents per litre
- Petrol 95: decrease of 91 cents per litre
- Diesel 0.05% (wholesale): decrease of 74 cents per litre
- Diesel 0.005% (wholesale): decrease of 100 cents per litre
- Illuminating paraffin: decrease of 99 cents per litre
As reported by BusinessTech, the expected cut could put year-to-date petrol pricing in the green.
Between January and May 2024, petrol prices spiked by R3 per litre in consecutive hikes. If the fuel price sees another cut by 88 cents per litre, the total price reduction since June will amount to R3.36.
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Also read:
Early projections suggest big petrol price cut for South Africa in September
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